Standard Chartered has announced the launch of its new entity in Luxembourg, which will serve as its regulatory entry point to the European Union (EU) for providing digital asset custody services. The move follows the implementation of the Markets in Crypto Assets (MiCA) Regulation, aimed at standardizing and regulating the crypto market across the EU.

The Luxembourg entity is part of Standard Chartered's broader digital asset strategy and will cater to the growing demand for digital asset custody services among EU-based institutional clients. This follows the bank's recent introduction of similar services in the UAE. Luxembourg was chosen for its balanced regulatory framework and established financial ecosystem, according to Standard Chartered.

Laurent Marochini has been appointed as the CEO of the Luxembourg operation. Marochini, formerly Head of Innovation at Société Générale, brings extensive experience in the financial and digital asset sectors to the role.

Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, emphasized that the launch aligns with the bank’s strategy to expand its digital asset portfolio while adhering to regulatory standards.

The development marks a significant step in integrating digital assets into the traditional banking framework within the EU. As the MiCA Regulation begins to take effect, more financial institutions are expected to explore opportunities in the growing digital asset ecosystem.

Further details on the operational timeline and specific services offered by Standard Chartered Luxembourg are yet to be disclosed.